Strategy (NASDAQ: MSTR), the largest corporate holder of Bitcoin, sold 1,638 BTC for approximately $104.7 million during the week of July 27 to August 2, marking its third Bitcoin sale of 2026. The company has not announced a new Bitcoin purchase for another consecutive week.

The coins were sold at an average price of approximately $63,957 each — more than $10,000 below the roughly $75,500 average acquisition cost Strategy paid to build its position. Following the sale, the company's Bitcoin holdings stood at 842,138 BTC as of August 2, according to tracker BitcoinTreasuries.net, with an average acquisition cost of $75,419 per coin. That remaining stash represents roughly 4% of Bitcoin's total 21 million coin supply, underscoring the outsized role Strategy's treasury decisions play in the broader market.

In addition to the Bitcoin sale, Strategy raised approximately $290.6 million through the sale of 3,011,361 shares of its Class A common stock (MSTR). Of the remaining proceeds, $29 million was allocated to additional STRC preferred stock buybacks, while the remainder was added to the company's cash balance.

Use of Proceeds and Dollar Reserve

A Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on Monday detailed the allocation of the $104.7 million raised from the Bitcoin sale. Approximately $52.4 million was directed toward dividends on Strategy's preferred stock, while $52.3 million funded repurchases of its STRC shares.

Strategy's founder and executive chairman Michael Saylor confirmed that the firm continued to prioritize its dollar reserve, with a $250 million injection bringing the total to $4 billion, as detailed in the company's press release. During the same week, Strategy repurchased $81.2 million of its own STRC preferred stock, equivalent to approximately 912,143 units. Under its Digital Credit Capital Framework, the company retains the capacity to deploy an additional $894 million.

Strategy's cash reserve is dedicated to covering obligations related to preferred-stock dividends and company debt, as previously reported. The latest actions extended the firm's ability to meet those obligations by an additional 57 days, bringing the total runway to approximately 2.3 years. The STRC preferred stock, which Strategy has been issuing and selectively repurchasing, functions as part of the company's layered capital structure designed to fund Bitcoin purchases while managing carrying costs.

Saylor Addresses "Never Sell" Perception

With the third BTC sale of 2026, Strategy has now sold more Bitcoin on more occasions in recent weeks than it has purchased — a notable shift for a company that spent years in accumulation-only mode and became synonymous with the corporate Bitcoin treasury thesis.

Saylor has pushed back against the interpretation that Strategy has shifted to a seller posture. In a July 31 post on X, the company stated that it had "bought 48x more $BTC than we sold and issued 300x more $STRC than we repurchased" so far this year.

The following day, responding on X to coverage of the firm's second-quarter results, Saylor noted that Strategy announced its BTC Monetization Program on June 29 and stated: "We have never had a 'never sell' policy. The program does not require any BTC sale, and we expect to remain a net buyer of Bitcoin over time."

Q2 2026 Financial Context

The cautious approach comes against the backdrop of a difficult quarter. Strategy reported an $8.22 billion net loss for the second quarter of 2026, driven primarily by unrealized losses on its Bitcoin holdings as the price declined, according to the company's July 30 financial results. These are non-cash, mark-to-market losses reflecting the gap between Bitcoin's carrying value and its market price, rather than realized operational losses.

The recent Bitcoin sales are being used to fund dividends and bolster liquidity rather than acquire additional coins, leaving market participants watching whether Strategy will resume purchasing Bitcoin or continue prioritizing balance sheet management. The company's next financial disclosures and any move to restart acquisitions will be closely tracked, given that its treasury decisions have historically influenced broader corporate sentiment toward Bitcoin as a reserve asset.